The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1887-09-14
The Results Of the HSlHm3rs aud Chic Dssl
Amarg Wall Street Operators.
New YOrksrs Returning to tia CIty-0Ihsrs
Seeking Warmer Winter Climates.
Respectable BrOkers-"Buy Us 1000 First
sour Busiusss All OOmmisstOn"-che
Younger Element ia the Exchange.
Special New York Letter.


that almost every paper in the city failed
to note some OF its most remarkable fea-
lures. or the general demonstration the
papers gave very fair accounts; II anything,
they leaned to the side of the Labor party;
but many OF the really significant things
were overlooked. The Labor party is the
only one ever introduced in this country
without any sort of newspaper or party OPP
position. All the preliminary notices of
the newspapers, whether Of Democratic,
Republican or Augwump politics, were
amiabie and even fiattering; but it was
doubt end fear, not conviction or priaci-
pie, which spoke All the journals seemed
10 distrust their own judgment of the
possibilities OF the parade, and were to all
appearances fearful OF offending the new
unknown quantity in politics. This Is
strange to me. Every new party in the
past has been met with the opposition OF
the journals Of every then exIs ting party.
The Labor party of the presept has been
mentioned by all now existing party jour
mails. without exception, in either compli-
mentary or cautious terms. Fear only
could have dictated such policy, and it
is Gear Of an unknown quantity.
The new holiday was a most lovely Sep
fember day; neither too warm for march
ing nor too cool for resting in the eveaing.
Nature seemed to smile on the movement
quite as unanimously as the politicians
and partisan newspapers. Yet there were
not more than $1,000 men in line in the
two palades in New York and Brooklyn.
In these totals are included some men not
IN sympathy with the political leadership
which Mr.. Henry George has assumed. At
the same time q large proportion of the
small force of Socialists refused to take
part in the parade except as hooting look
ers on. Practically there were only 5000
active participants in the parade in both
ritias. the opr0lled mann horahin 0f
labor organizations protective, not polit
ical) in New York and Brooklyn is
about 100000. Did they stay away
because they we're Socialists barred out
by the Henry George convention? Is it
credible that the remaining 172 900 re.
manned at work on a legal holiday? The
Socialist demonstration was light, not only
in the parade, but along the sidewalks.
Work WIS generally suspended, hence the
men who are supposed to be identified
with the Labor party did not decline to
labor in the parade because they were la.
boring elsewhere. Why they staid away
nobody knows and about the same gem
eral and reliable information exists as to
where they will stand and with whom they
will vote at the next election; and, until
that is over, nobody can surmise where they
will be at the next Presidential election.
Another curious feature which I OBJ
served, but which no newspaper noticed or
commented on, was the presence on the
street of thousands Of countrym en- from
the near interior and from New Jers ey.
The hayseed evidences of their rural resi-
dence and education were too numerous to
leave any doubt of the localities FROM
which they came. They were fairly repre-
sentative OF the oountrymen of the New
Jersey and New York rural and village dis
tricts. / should say the msjority of all l
~
dozen or so with whom / talked all were
farmers, and all were Labor party men.
How is that conversion to be accounted
for2 How far does the dissfection extend
among the rural population. And what
party in this State is the Labor party GO
ing to hurt most seriously? Nobody
doubts that in the large cities il will be
the Democratic party which will be most
damaged, but all are in doubt as to how far
the disaffection in the rural districts will
hurt the Republicans. But one thing
seems to be accepted by all parties-that
the Labor party is a new problem in the
politics of this country, and especially in
this section Of it.
Amid all the excitement occasioned by
the recent boom in Wall street renting
from the supposed successful closing of the
Baltimore and Ohio deal, the general pub
lie and many OF the brokers themselves
have forgotten all about the wonderful
committee on dizziness that was recently
appointed by the governors of the Stock
Exchange. This commi tee. which / re-
ferred to in previous letter, was instructed
TO ascertain the cause Of the unusual lack
of business in the street and to remedy the
fault Immediately. In other words, ii
was to do what The energy and ingenuity
of the oldest and most ex perienced brokers
in the trade bad failed to dot was to
make stock brokerage profitable. Innum.
cradle were the suggestions offered to this
committee and Wise, some of them; but
all combined did not answer the question
asked by every one: How am / to pay
Office rent and live? Bat suddenly, while
the committee Is celebrating and discuss
ing. there came a real old fashioned
money making deal, aud the problem was
at an end for the time being. The
market doomed, and in the noise and con-
fusion the dizziness COMMITTEES was for
gotten by all but its stupid felf. But, not
with standing, the committee made its
report, and showed that not u member OIL
1t had an idea, or IL he did, he lacked the
courage TO carry II out. Toe committee
recommended following the plan Of the
London Exchange in regard to fortnight
ly settling day. In other words, specula-
tors who are on the losing side viii have
two weeks 10 which to hope and scheme
for change Of lnck, and will not be CON-
2peueo 70 settle up I'm meOldte!y IN case the
market slumps on them. Another thing,
and the best one which TIE committee sug-
gested, was a reduction Of commission
charges from one-eighth to one-sixteeu
of I per cent That is going 70 create q
pretty big difference Ia spectators &C.
counts at the expiration of each year.
Very few of the persistent ones operate
on less than ], 900 shares of stock at q time,
and when they have to pGy $l25 commits
sion each way the speculation comes rath-
or high and IL requires q pretty active
market to clear profit,
II is the third conclusion arrived at by
this committee that has knocked into q
cooked hat all the absurd old conservatism
of the New York Stock Exchange. This
satisfactory result was obtained by recon-
meDding that members be allowed 10 pay
commissions to agents bringing them bust
ness. To an outsider there seems to be
nothing shocking about this, but to an old
fashioned conservative banker il Is gall
and wormwcod- For years the younger
element in the Exchange has been trying
TO gain permission to employ soliciting
Sgenfs on commission, but the "old boys
have Invariably put their feet upon the